Refund of unutilised ITC for export of electricity clarified; filing, REA-based valuation and formulaic calculation prescribed. Prescribes procedure for refund of unutilised Input Tax Credit on export of electricity: file Form GST RFD-01 under 'Any Other' with remark 'Export of electricity-without payment of tax (accumulated ITC)', upload Statement 3B (invoice details, energy exported, tariff per unit), REA statement of scheduled energy (Annexure-I) and agreements showing tariff. Relevant date is last day of month as per monthly REA. Refund is calculated under Rule 89(4) by valuing exported electricity as REA scheduled energy x agreed tariff, using the lower of REA or invoice quantities, and applying the formula (zero-rated turnover x Net ITC / Adjusted Total Turnover); officer verifies exclusions and may demand debit from electronic credit ledger before issuing refund and payment orders.
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Refund of unutilised ITC for export of electricity clarified; filing, REA-based valuation and formulaic calculation prescribed.
Prescribes procedure for refund of unutilised Input Tax Credit on export of electricity: file Form GST RFD-01 under "Any Other" with remark "Export of electricity-without payment of tax (accumulated ITC)", upload Statement 3B (invoice details, energy exported, tariff per unit), REA statement of scheduled energy (Annexure-I) and agreements showing tariff. Relevant date is last day of month as per monthly REA. Refund is calculated under Rule 89(4) by valuing exported electricity as REA scheduled energy x agreed tariff, using the lower of REA or invoice quantities, and applying the formula (zero-rated turnover x Net ITC / Adjusted Total Turnover); officer verifies exclusions and may demand debit from electronic credit ledger before issuing refund and payment orders.
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